January 1979
: The Shah leaves Iran, and the country is declared an Islamic Republic by Ayatollah Ruhollah Khomeini. The Ayatollah severs all ties with the U.S. and
declares Israeli illegitimate.

November 4, 1979:
Muslim Followers of the line of the Imam, a fundamentalist, anti-imperialist group made up predominately of young radical revolutionaries, seized the
U.S. embassy in Tehran. End of cordial diplomacy between the two nations

July 3, 1985
: McFarlane meets with Israeli David Kimche, who is in the U.S. on behalf of the Israelis who had met with Khashoggi and Ghorbanifar. The
arms-for-hostages deal is first outlined, as is the prospect of improving the U.S.-Iran relationship.

July 16, 1985
: McFarlane meets with Reagan and his Chief of Staff Regan while Reagan is in the hospital recovering from surgery. They discuss the possibility of
selling arms to Iran via Israeli in order to get the release of the hostages and to open communications with Iran. The details of this visit are hazy,
but McFarlane came away from it with the idea that the President had encouraged him to go forward with discussions with the Iranians and Israelis.

August 1985
: Reagan approves the plan to allow Israeli to sell U.S.-made weapons to Iran.

August 20, 1985
: first load of missiles sent from Israeli to Iran.

September 15, 1985
: American hostage Benjamin Weir released. Colonel Oliver North brought in to deal with logistics

November 1985
: second load of missiles sold. Major General Richard Secord brought in to help replenish Israeli’s supply of weapons.

The Enterprise and Diversion of funds to Nicaragua Contras

November 1985
: first funds from arms sales diverted to Nicaraguan Contras through Secord’s Enterprise.

January 17, 1986
: President Reagan signs a Presidential Finding authorizing the transfer of arms to Iran through the Enterprise in order to release the U.S. from
liability.

February 1986
: North, Ghorbanifar and Iranian representative meet in Germany, work out a plan to send further arms in exchange for the release of U.S. hostages.

February 27, 1986
: US sent 1,000 TOWs to Iran, no hostages released.

April 1986
: Oliver North writes the “Diversion Memorandum” which clearly lays out what is going on with the transfer of funds to Contras.

Secord’s Second Channel:

August 1986
: Secord and his business partner Albert Hakim meet with a new Iranian contact, Ali Hashemi Bahramani, and open up a second channel in Iran.

October 1986
: North meets with this new group of Iranians, and Hakim, serving as a U.S. representative, works out a nine-point plan with the group.

October 28, 1986
: first shipment through second channel sent to Iran. Iran paid $3.6 million to the Enterprise, of which $2 million was turned over to the CIA, who had
official supplied the weapons. The remainder was diverted to the Contras.

November 1986
: two Lebanese newspapers break story of arms deal, arms deal comes to an end.